A merger agreement between American Airlines and US Airways is close to being reached, the Wall Street Journal is reporting. According to WFAA.com, a finalized deal could likely be announced next week.
The merger would create the world's largest airline in terms of traffic, the Dallas Morning News reports.
The company -- which would likely retain the name American Airlines -- would be worth more than $10 billion. According to the Dallas Morning News, the company would remain headquartered in Fort Worth, Texas.
Last month, the Associated Press revealed details about what a merger could look like:
Thomas Horton, the CEO of American parent AMR Corp., is in talks about becoming chairman if his company merges with US Airways, The Wall Street Journal reported, adding to indications that a deal could be close. The newspaper, citing people familiar with the matter, said the talks were still in flux and that Horton could wind up in some other role such as vice chairman if there is a merger.
US Airways Group Inc. has proposed that its chairman and CEO, Doug Parker, run the combined company.
Various sources including the Wall Street Journal also confirm that there's a chance the merger could fall through.
WFAA.com reports that the board of directors of American's parent company, AMR Corp., plans to meet Monday to discuss the deal.